Chi-X Canada

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Chi-X Canada
Chi-X Canada.png
Founded 2008
Headquarters Toronto
Products Alternative trading system for Canadian listed securities
LinkedIn Profile
Website www.chi-x.com

Chi-X Canada, a wholly-owned subsidiary of Chi-X Global, is an alternative trading system (ATS) for the trading of Canadian listed securities from 8:30 am to 5:00 pm ET.[1] It is the largest ATS platform in Canada. [2]

Its two platforms - Chi-X Canada and CX2 - both provide market-agnostic smart routing, advanced order types, trade reporting, risk management tools, historical market data and cross connectivity services. Chi-X Canada offers a strict price/time priority structure. CX2 offers price-broker priority. Chi-X Canada's introduction of CX2 in May of 2013 brought the total number of Canadian ATSs to five.[3] [4]

In December 2015 Nasdaq said it would acquire Chi-X Canada in a deal expected to close in the first quarter of 2016.[5] The exchange had been put up for sale earlier in 2015 after receiving unsolicited offers.

History

Chi-X Global, was launched in February 2008 by Instinet, with Canadian listed securities trading on its Chi-X Canada ATS. The following month, the exchange became the first Canadian market center to offer smart order routing. By May 2010 Chi-X Canada's market share had surpassed 10 percent.

In October 2011, the firm announced several new equity partners, including UBS, BofA Merrill Lynch, GETCO, Goldman Sachs, Morgan Stanley and Quantlab Group.[6]

In May 2015, Nomura and its partners announced an intention to sell Chi-X with an expected valuation of about $440 million.[7] In December of 2015, Nasdaq struck a deal to acquire Chi-X Canada.

Products and Services

Chi-X Canada operates two platforms, Chi-X Canada and CX2. As of December 2015 the ATS handles about 22 percent of the order flow of S&P/TSX Composite securities.[8]

Key People

  • Dan Kessous, Chief Executive

References

  1. Chi-X Canada press release. Chi-X Canada.
  2. Nasdaq wins race to purchase Chi-X Canada. The Financial Times.
  3. CX2 Report Card. Chi-X Canada.
  4. Canada's ATS Battle Heats Up With New Entrant. Traders Magazine.
  5. Nasdaq to Acquire Chi-X Canada. Nasdaq.
  6. Chi-X Global Announces New Equity Investors. Chi-X.
  7. Chi-X Said Exploring Sale Valuing Market at $400 Million. Bloomberg.
  8. Nasdaq buys Chi-X Canada. Finextra.